Many people are looking for the next big thing to invest in, and cryptocurrency is the answer for many of those investors. However, if you feel like you’ve missed the mark with Ethereum and Bitcoin, you’ll be looking for another booming form of crypto.
Many investors consider Polkadot to be one of the protocols and coins with the greatest future potential. Of course, nothing is ever guaranteed when it comes to any form of investing. However, if you’ve decided that’s the path you want to take, you’ll be looking to acquire Polkadot (DOT) in the most efficient and cost-effective way.
That being said, keep reading to learn more about this cryptocurrency and how to buy Polkadot with a credit or debit card.
What is Polkadot?
Polkadot is a multi-chain protocol that is making a lot of noise at the moment, considered by many investors as a viable alternative to Ethereum. It aims to connect a number of specialized blockchains into one unified universal network. So, in some ways, we can describe Polkadot as being a blockchain for blockchains.
Polkadot facilitates the transfer of assets and data types across chains, making different permissionless oracles, private chains, networks, and smart contracts interoperable with each other.
There are four structural components of Polkadot:
- relay chain
The relay chain is essentially the heart of Polkadot as it is responsible for security across the entire network and interoperability between chains.
Parachains are independent chains that may have their own tokens and purposes, but are tied to the relay chain.
Parathreads are very similar to parachains but they have flexible connectivity. Bridges allow parathreads and parachains to communicate with blockchains that are not in the Polkadot network.
Should you buy Polkadot (DOT)?
Polkadot is one of the most exciting cryptocurrencies available for purchase today. Polkadot itself is rapidly becoming the go-to network for blockchain interoperability. It has been used to solve a number of different real-world use cases by allowing businesses and developers to use various blockchain technologies much more efficiently.
Of course, whether or not to buy Polkadot is a personal decision. It depends on your investment goals, how much money you have, your risk profile, and whether or not you believe in the future of this cryptocurrency.
To give you some numbers, Polkadot currently has a market capitalization of over $6.7 billion and is ranked as the 11th most valuable cryptocurrency. The total supply of DOT tokens is 1.2 billion. Additionally, DOT had a 24-hour trading volume above $371.62.
What is Polkadot used for?
Polkadot can be used both as currency and as a store of value. You can also use DOT to participate in the Polkadot network through linking, staking, and governance. Through governance, DOT holders have the right to vote on decisions about network upgrades and fees.
Staking allows users to earn rewards by serving as nominators and validators. Linking allows DOT tokens to be used within the network to link disparate blockchains and make the most of their functionality.
How to buy Polkadot with your credit or debit card
There are a number of platforms that allow you to easily buy Polkadot with your debit or credit card.
The process you follow is simple:
- Enter the amount of fiat currency or DOT you wish to purchase in the box.
- Enter your DOT wallet address.
- Verify your basic information and your email address.
- Simply complete the purchase by entering your credit or debit card details.
Of course, the process may differ slightly from vendor to vendor, but this is the general four-step process you can expect to follow when purchasing Polkadot with your debit or credit card. .
What should you consider when selecting a site to buy Polkadot from?
According to business coach Phi Dang, it is important to choose a supplier with care and consideration. You want to be sure that they provide good customer service and implement strong security measures.
That being said, let’s take a look at the main things to consider when deciding where to buy Polkadot:
There’s only one place to start, and that’s with the security of the platform you select. Strict security measures must be implemented to ensure you have a safe Polkadot purchase.
Just turn on the news or do a quick search online to see that data breaches are happening daily around the world. The cryptocurrency space is increasingly targeted as hackers know there could be a potential gold mine if they find their way into someone’s system or crypto wallet.
For this reason, you should make sure to choose a provider that takes security very seriously. Unfortunately, there is no magic formula when it comes to protecting your payment and personal data, so a layered approach is a must.
The provider you select should use a range of different tools and techniques, including encryption, bot protection, and network segregation. A strict KYC and AML policy must also be in place.
You can do some research online to make sure the company you select hasn’t been involved in any data breaches in the past.
Also take the time to read reviews left by people who have purchased on the platform before. It’s a great way to find out more about their experience and whether or not their personal data is protected. If they have encountered issues with impersonation or issues of that nature, you can be sure that they will have taken to the internet to express their disgust and to warn others not to make the same mistake. .
Starting from the first point, it is essential to ensure that the supplier you select has a good reputation in the industry. Not only should you read the reviews, but spend some time checking out the various news stories about the country. Also, understand when it was created, who founded the company and where it is based. There are many scam companies that have unfortunately been created due to the cryptocurrency boom, so you don’t want to fall victim to any of them.
Once you have considered the security side of things, you should also consider the availability of Polkadot. Naturally, you’ll want to make sure you can actually buy it on the platform. With so many cryptocurrencies available for purchase these days, not all platforms provide access to Polkadot.
Once you can see that the provider has that cryptocurrency available, then you need to make sure your location is going to be accepted. Places like Moonpay allow people to buy Polkadot in over 150 countries, so look for a provider like this that offers massive coverage. You will also need to make sure that the platform you choose accepts the type of crypto wallet you have, as you will need to connect it.
You also need to find out if there are any limits in terms of how much you can buy. Many vendors today have high minimum order amounts, which alienates many customers as they simply cannot afford to spend so much on cryptocurrency. Instead, look for a supplier that will allow you to purchase an amount that works for you. You should never feel like you have to buy more Polkadot than you are comfortable with.
The last thing you need to consider when buying Polkadot is customer support. You need to make sure the company is easy to contact. The last thing you want to do is select a company that doesn’t respond when things go wrong.
Instead, check out the contact page and make sure there are multiple ways to get in touch. Try them all as well to be sure that the customer service representatives respond in a timely and beneficial manner.
Purchasing Polkadot with a debit or credit card
So there you have it: the complete guide to buying Polkadot with a debit or credit card. We hope this has helped you better understand how easy it can be to buy this thriving cryptocurrency with your debit or credit card online.
However, be sure to take the time to select a platform carefully. Make sure they have an excellent reputation and have strict security measures in place so that your currency is safe.